Payment processing giant Visa has unveiled its plans to expand its stablecoin settlement capabilities, embracing the Solana blockchain alongside its pre-existing features on Ethereum. In this strategic move, the company has teamed up with merchant acquirers Worldpay and Nuvei to launch pilot programs, it said in a press statement.
In the course of these live pilot initiatives, Visa has already facilitated the transfer of millions of USDC (USD Coin) between its partners through the Solana and Ethereum blockchain networks. These transfers have been instrumental in settling payments denominated in fiat currencies, all executed via VisaNet, as disclosed by the payments behemoth in a press release.
Cuy Sheffield, the Head of Crypto at Visa, emphasized that this expansion aims to expedite cross-border settlements while offering a stablecoin payment avenue for Visa’s clientele. Sheffield noted, “By harnessing the power of stablecoins like USDC and the global blockchain networks of Solana and Ethereum, we’re streamlining cross-border settlements and providing a contemporary means for our clients to effortlessly send or receive funds from Visa’s treasury.”
Worldpay and Nuvei, both fintech firms catering to merchants across diverse industries, anticipate providing merchants with the option to accept payments in stablecoins like USDC, with the backing of Visa.
This announcement also signifies Visa’s embrace of Solana as a supported blockchain for settlement purposes, establishing it as one of the pioneering major payment companies to take this progressive step.